6 Common Technology Problems Small Business Owners Face

by | Mar 20, 2024 | Newsletter

Technology can provide a strategic advantage for companies in every industry when properly utilized. However, one of the biggest issues small business owners face is overcoming some of the common tech obstacles that hinder productivity. These issues can range from minor inconveniences to serious threats that can permanently shut down a business.


In today’s blog, we’ve outlined 6 of the most common technology problems small business owners deal with on a regular basis and how you can either avoid or resolve them.


1. Failing To Meet Industry-Specific Compliance Requirements

Many industries have specific regulatory compliance requirements that define how companies must organize and protect data. Common examples you might be familiar with include HIPAA, which regulates electronic medical data in the health care industry; FFIEC, GLB and SEC in the financial services industry; and CMMC for companies that work directly or indirectly with the Department of Defense.


For a small business owner wearing many hats, it can be difficult to keep up with the latest compliance requirements, especially if you don’t have an IT or cyber security employee on staff. Missing a requirement cannot only lead to hefty fines and legal issues but it can also incidentally leave you vulnerable to a cyber-attack.

The best thing you can do is work with a managed services provider (MSP) that has experience in compliance for your specific industry. While compliance is not exactly the same as cyber security, the two overlap, and an experienced provider will be able to help you bridge the gap so you’re protected and meeting any mandatory requirements.


Click here to get a FREE Network Assessment so you’ll know if you’re currently missing any mandatory compliance requirements for your organization.


2. Lack Of Strategic IT Planning

One of the biggest issues we see is a disjointed relationship between the business leaders in the organization and the IT team. In this digital age, technology is an integral part of how a business operates. When business leaders, who tend to see the larger picture, loop in IT professionals, they can make informed decisions about what technology to deploy to make long-term growth and scalability easier and more efficient.


Several areas in which your IT team should act as a strategic advisor are:

  • Optimizing business operations to streamline processes and improve productivity
  • Selecting the best line of business software
  • Upgrading old or outdated hardware and software
  • Implementing cyber security best practices
  • Deploying cost-effective and scalable cloud solutions
  • Creating a predictable IT budget that doesn’t rely on break-fix solutions

3. Inadequate Cyber Security Protection

Cyber security risks become more advanced every year. Decisions about cyber security should not be solely left to the IT department. These are business decisions that need to be made with the buy-in of the leadership team because failing to have a robust cyber security system and becoming the victim of a cyber-attack can be detrimental to a business. There are trade secrets, confidential communications, customer data and employee records that are stored on your company’s devices that you can’t afford to have fall into the wrong hands.


Work with your IT team to deploy a three-pronged approach that includes:

Prevention Strategies: Do you have the right software and solutions in place, such as antivirus, firewalls, MFA, etc., to protect your organization from an attack? Are you regularly training employees on the latest threats and how to identify them?


Detection Mechanisms: This is a key piece that most small businesses neglect, which leaves them vulnerable. Do you have a process in place for detecting a breach, or would it go unnoticed until it’s a bigger problem? You should be conducting regular scans and monitoring, as well as employing endpoint detection and response tools.


Response And Recovery Action Steps: Do you have a plan in place if something goes wrong? Would your employees know what to do? You need to have an IT team supporting you that can identify and mitigate any issues quickly, before the damage can’t be undone. Leaders in the organization should take this seriously.


4. Poor User Support

If your employees are struggling with their technology all day, productivity will decrease. Using slow, outdated devices and software can be frustrating for employees, leaving them feeling less motivated and hindering their output. It’s even worse when you have unreliable technical support following the “get to it when we get to it” approach.


With the right IT team, whether that’s in-house staff, outsourced support or, more commonly, a combination of both, you can trust that an experienced technician with the tools and knowledge to quickly assist employees and solve problems will always be available to help.


5. Poor User Asset Management

Managing access to various levels of data for each employee can be tedious and overwhelming in larger organizations. IT professionals can take on the role of managing and monitoring user access so that no one has access to data they don’t need, security policies are enforced and accounts are constantly monitored for anomalies.


They can also assign new users, make changes to existing accounts, delete accounts, add remote users, set permissions on how employees can access the network and more. This is particularly important when it comes to offboarding employees. Whether the employee is leaving on good terms or not, removing data access from someone who has access to sensitive information can be risky and needs to be handled with care.


6. Lack Of Training

As mentioned, making sure your employees know how to use technology efficiently is paramount to productivity, but it’s also important for security reasons. All employees should regularly go through cyber security training to ensure they understand and are following best practices.


This is typically not the role of the business leaders in the company. Most often, they need refresher courses too. When you work with a reliable IT team, they’ll be able to regularly inform team members of new threats and what to look out for, run phishing simulations to test employees on whether or not they know what to do and more. One training session is NOT enough! To build a cyber security–focused culture, you need to be talking about it often.


Is it time to solve your IT problems once and for all?


We have your back. To get started, book a FREE, no-obligation Network Assessment. We’ll review your systems using our #-Point Optimization Checklist to let you know how and where your organization can better utilize technology to grow.


To Schedule Your FREE Assessment, Please Visit Thank You – Initial Consultation | Techspert Data Services (techspert-data.com) Or Call Our Office At 216-800-7888.

How $43,000 Got Stolen From A Small Business In The Blink Of An Eye

How $43,000 Got Stolen From A Small Business In The Blink Of An Eye

by | Mar 13, 2024 | Newsletter

What you are about to read is a real story showing you how a business can be devastated by cybercriminals in the blink of an eye. Most importantly, I’ll share several ways this could have been avoided. Make sure to forward this to anyone who might be making online payments and, better yet, your entire staff. The name of the company and principals have been withheld so they don’t become a further target.


$43,000 Gone In The Blink Of An Eye

Imagine, on a normal Friday night after a long week of work, you glance down at your phone and see an alert from your bank.


You open it to find that you’ve just paid a company you’ve never heard of $43,000!


This was an all-too-real situation for one small business owner a few weeks ago – and there’s NOTHING the owner, or police, or anyone else can do to get that money back. It’s gone forever.


Thankfully, for this company, $43,000 was a loss they could absorb, but it was still a huge hit and, frankly, they are lucky they weren’t taken for more.


Here’s what happened and how you can keep this from happening to you.


The E-mail That Started It All

Imagine receiving an e-mail so convincing, so utterly devoid of red flags, that you find yourself compelled to act. This isn’t a failure of judgment; it’s a testament to the sophistication of modern cyberthreats.


In this case, an employee in the accounting department received an e-mail from the company’s “CEO” saying they were starting to work with a new company and needed to get them set up in the system and make a payment to them right away.


This was NOT an abnormal type of e-mail, nor was the amount anything that aroused suspicion – they made and received large amounts of money often.

The only telltale clue might have been that it came in on a Friday afternoon and it was made clear that it was an urgent matter that had to be handled right away.

The employee, thinking they were doing exactly what their boss wanted, set the attacker’s company up in the system, including their bank routing number, and made a payment. And the minute they hit “Send,” the money was never to be seen again.


It wasn’t until the CEO called minutes later, after receiving notification of the transfer, that alarm bells started to ring! But by then it was all too late.


So What Happened?

While it’s impossible to know what exactly occurred to kick off this chain of events, the most likely culprit is that an employee, possibly even the owner, received an e-mail sent by a cybercriminal weeks or even months earlier that allowed this person to gain access to some of the company’s systems.

In all likelihood, the e-mail looked normal and had a link that, when clicked, downloaded software onto the recipient’s computer, and that’s where things started to go wrong.


Over the following weeks, the cybercriminals accessed company communications, figuring out who the players were, and devised a plan to make it look like the CEO needed a vendor to be paid urgently.


And when the criminals determined the time was right, they “attacked” and walked away with $43,000 for their efforts.


Home Alone

While this scenario may sound far-fetched, it’s not new.


If you remember seeing the classic movie Home Alone, would-be thieves watched houses immediately preceding Christmas to determine which families would be away for the holidays so they could break into those homes.


Cybercriminals do the same thing, but from a distance, and you’d never know they were ever there.


The scary fact is, your system could be compromised right now, and you would have no way of knowing it, until an attack happens.


In the cybercrime world, the kind of attack this company suffered is referred to as spear phishing. Criminals identify a single point or person in an organization who they believe could fall victim to a scam like the one that happened here, and they engineer a scheme to specifically target them.


What You And Your Employees Need To Know To Help Thwart Attacks

The sad fact is that there is no 100% safeguard against cybercriminals. But, just like our robbers in Home Alone, cybercriminals go after the low-hanging fruit. If your house has a gated entry, security system, outside cameras and lights, and has three vicious-looking dogs roaming around, would-be thieves are much more likely just to move on to a house without all these layers of security.


Cybercriminals operate in the exact same fashion, looking for companies that aren’t protected and then targeting them specifically. So, the best thing you can do is have layers of protection for your company, along with education for your employees.


3 Things To Do Right Now To Protect Your Company

  1. Multi-factor authentication (MFA), also called two-factor authentication (2FA), is not just a tool but also a shield against the relentless barrage of cyberthreats. An example of MFA is when you try to log into a program and it sends a code to your cell phone via text that needs to be entered before granting access to the program. While often deemed a nuisance, MFA isn’t an inconvenience – it’s the digital equivalent of locking your doors at night. It’s a simple yet profoundly effective measure that can be the difference between a secure business and a cautionary tale.

  2. Employees are your first line of defense. Just like you’d teach your kids not to open the door for someone they don’t know, you NEED to educate your employees on malicious threats. Teaching them about the common scams, how to avoid them and what to do if they think they’ve inadvertently clicked a link they shouldn’t have, is key. You need to ask your IT company to provide this training, and often they have programs that you can require your employees go through a couple of times a year. The program then quizzes them to ensure they have the knowledge. While this process isn’t something you or they will look forward to, the reality is that it could take just 10 to 15 minutes a couple times a year to keep you out of the news and your money out of someone else’s account!

  3. Get cyber security services in place. MFA is just the start of a comprehensive security plan. You need to talk to a qualified company (not your uncle Larry who helps you on the side) about getting more than a firewall and virus scan software. What worked a decade or two ago – and may still be helpful on a home network – would be like protecting a bank vault with a ring camera. It’s just not going to cut it. NOTE: We offer a variety of security services for companies of all sizes and can certainly talk to you about options that make sense for your situation.

Whatever You Do, Don’t Do This!!!

Maybe the worst thing the owner of the company that lost $43,000 did was they then posted a video and story on social media.


While their intentions were good because they wanted to warn other business owners not to fall victim to the same scam, they might as well have had T-shirts made with a big target on the back.


It’d be like having cash from your house taken, then going online and telling people exactly how it happened – you’re just inviting more people to come try to take your cash.


Not Sure If You’re As Protected And Prepared As You Should Be?

To make sure you’re properly protected, get a FREE, no-obligation Cyber Security Risk Assessment. During this assessment, we’ll review your entire system so you know exactly if and where you’re vulnerable to an attack.


Schedule your assessment with one of our senior advisors by calling us at 216-800-7888 or going to https://techspert-data.com/initial-consultation-success/ 

Beware Of Cybersquatters!

by | Feb 28, 2024 | Newsletter

Have you ever searched for a specific website but landed on a completely different one after misspelling a letter or two in the URL? This deceptive tactic is known as cybersquatting. This practice not only jeopardizes the online presence of businesses and individuals but also poses a significant challenge in the ever-evolving landscape of cyber security. The scariest part is that you can be a victim of a cybersquatted domain and not even realize it.


Here’s what you need to know about this type of cybercrime:


What Is Cybersquatting?

Cybersquatting, also known as domain squatting, involves the malevolent act of registering a domain name that is confusingly similar to that of a legitimate entity, be it a business, organization or individual. The primary motive behind this maneuver is often financial gain, with cybersquatters aiming to exploit the recognition and success of well-known brands. However, the repercussions extend beyond monetary losses, as cybersquatting can stain the reputation of its victims.


Types Of Cybersquatting

There are many types of cybersquatting scams, but here are the most common ones that you need to be aware of.


1. Top-Level Domain (TLD) Exploitation:

A TLD is the final element of a domain name, such as “.com,” “.co.uk” and “.org.” Because there are so many variations, it’s difficult for small to medium-sized businesses to register all of them for their brand, and it’s even more difficult for celebrities or famous individuals.


Cybercriminals will register matching domains using different TLDs and either create offensive or inappropriate websites, requesting the original domain owner to pay them to take them down, or they will use these websites to gain customers’ trust and make them susceptible to phishing attacks.


2. Typosquatting: This form of cybersquatting involves intentionally registering misspelled domain names to capitalize on common typos, leading unsuspecting users to malicious sites.


If you take Facebook.com, for example, here’s how a cybersquatter might buy their domains:

  • Faecbook.com
  • Facebokk.com
  • Faceboook.com

Typos are easy to make, so misspelled domains can generate a lot of traffic.


3. Look-Alike Cybersquatting: This form of cybersquatting involves creating domains with common words added to mislead customers, even if they aren’t confusingly similar at first glance.

Here are a few examples:

  1. Original: Google.com
    Lookalike: G00gle.com
  2. Original: Amazon.com
    Lookalike: amaz0n.com or amazon1.com
  3. Original: Microsoft.com
    Lookalike: Microsofty.com

Looking at these, you might not think they’d easily trick users, but they still do!


How To Avoid Being A Cybersquatting Victim

You can avoid being a cybersquatting victim by taking a proactive approach. Here are a few steps to take:

  1. Register Your Trademark: To benefit from the full protection of the Anti-Cybersquatting Consumer Protection Act (ACPA) and Uniform Domain Name Dispute Resolution Policy (UDRP), it can be helpful to register your trademark early. These regulations will still apply if a cybercriminal registers a cybersquatting domain name and you have an unregistered trademark; however, you’ll need to prove you were using it for business before the domain was registered. Trademarks aren’t required, but they can make this easier.
  2. Invest In Multiple Prominent TLDs: When you register your domain, also register it with the most popular TLDs, like .co and .org.
  3. Be Cautious Of What Websites You Visit: When typing URLs into the address bar, double-check to make sure you’re going to the correct website. This applies to links you click too! Hover over links with your mouse to confirm that it is the correct link. For extra security, skip clicking links and type them into the search bar on your own.

Cybersquatting is only one method hackers use to cause chaos. Cybercriminals are constantly coming up with new ways to scam businesses and individuals alike. If you want to double down on security to make sure you and your company are protected from sneaky attackers, we can help.


We’ll conduct a FREE, no-obligation Security Risk Assessment where we’ll examine your network security solutions to identify if and where you’re vulnerable to an attack and help you create a plan of action to ensure you’re protected. Click here to book a 10-minute Discovery Call with our team to get started.

How So-called Cheaper IT Providers Sneak In Expensive Hidden Costs

How So-called Cheaper IT Providers Sneak In Expensive Hidden Costs

by | Feb 21, 2024 | Newsletter

Is your company looking to hire an IT firm? Unfortunately, unless you’re tech-savvy or experienced with IT contracts, there can be hidden costs that you wouldn’t expect or know to look for. While it can sound appealing to go for the cheapest firm, that decision can end up costing you more in the long run due to carve-outs and hidden fees in the contract. Cheaper IT firms will omit certain services from the original agreement and later nickel-and-dime you to add them on or by quoting you inadequate solutions that you’ll later need to pay to upgrade.

To help you weed out these companies that are not the bargains they advertise themselves to be, there are a few key elements to consider determining if your quote is insufficient, overpriced or underquoted.

Insufficient Compliance And Cybersecurity Protections:

A ransomware attack is a significant and devastating event for any business; therefore, it’s imperative that the IT company you’re working with isn’t just putting basic (cheap) antivirus software on your network and calling it a day. This is by far the one critical area most “cheaper” MSPs leave out.

Antivirus is good to have but woefully insufficient to protect you from serious threats. In fact, insurance companies are now requiring advanced cyber protections such as employee cyber awareness training, 2FA (2-factor authentication), and what’s called “advanced endpoint protection” just to get insurance coverage for cyber liability and crime insurance. We provide those standards in our offering, so not only do you greatly reduce your chances of a cyber-attack, but you also avoid being denied an important insurance claim (or denied coverage, period).

Inadequate Recovery Solutions:

One thing you also want to make sure you look for in your IT firm proposal is that they do daily backups of your servers and workstations, as well as any cloud applications your company uses (Microsoft 365, Google Workspace, etc.), because online applications do NOT guarantee to back up your data. You also need to make sure your backups are immutable or unable to be corrupted by hackers. Again, most insurance companies now require immutable backups to be in place before they’ll insure against ransomware or similar cyber events.

Transparency About On-Site And After-Hours Fees:

This might take you by surprise, but most IT firms will charge EXTRA for any on-site or after-hours visits. We include ALL of this in our agreements, but ‘cheaper’ MSPs will intentionally leave this out and add it on later to make the sticker price appear lower. Make sure you understand what is and isn’t included in your service agreement before signing.

Nonexistent Vendor Liaison And Support:

Will they help you with all of your tech, or just select pieces that they’ve installed? Some IT firms will charge you hourly to resolve tech support issues with your phone system, ISP, security cameras, printers and other devices they didn’t sell you but that still reside on the network (and give you technical problems). These fees can stack up over time. As a client of ours, you get all of that INCLUDED, without extra charges.

Cheap, Inexperienced Techs And No Dedicated Account Managers:

One way some companies cut costs is by skimping on customer support and expertise. Many of the smaller MSPs will hire technicians under a 1099 agreement or find cheaper, less experienced engineers to work on your network and systems. The more experienced and knowledgeable a tech is on networking and, more specifically, cybersecurity, the more expensive they are.

Further, many smaller MSPs can’t afford dedicated account managers, which means you’re depending on the owner of the company (who’s EXTREMELY busy) to pay attention to your account and to look for problems brewing, critical updates that need to happen, upgrades and budgeting you need.

Good account management includes creating and managing an IT budget, a custom road map for your business and reviewing regulatory compliance and security on a routine basis to make sure nothing is overlooked. You get what you pay for, and this is NOT an area you want overlooked.

BEFORE you sign on the dotted line, it’s important to make sure that you fully understand what IS and ISN’T included in the service you are signing up for. It’s VERY easy for one IT services provider to appear far less expensive than another UNTIL you look closely at what you are getting.

If you’d like to see what dependable, quality IT support looks like, book a call with our team, and we’ll be happy to give you a quote that covers everything you need. To Schedule Your FREE Assessment, please visit https://techspert-data.com/initial-consultation-success/ or call our office at 216-800-7888.

 

 

New Security Features To Protect Your Phone In 2024

New Security Features To Protect Your Phone In 2024

by | Feb 14, 2024 | Newsletter

Long gone are the days when phones were simple devices used to make calls. Today our phones are advanced, handheld supercomputers that can do everything from pay a bill to order lunch for delivery to edit videos and more.

But with more capabilities come more risks. Because our phones are computers and connected to the Internet, they are susceptible to the same security risks that any other computer would be. Worse yet, personal devices often contain private information like bank account numbers, which, if accessed by the wrong person, could result in dangerous and expensive problems like drained bank accounts, identity theft and so on. Still, despite the obvious risks, most people do not treat phones like the security threats they pose, making them easy, no-brainer targets for cybercriminals.

To give perspective on how severe the problem is, Apple recently shared a study from MIT revealing a shocking 2.6 billion personal records were breached in 2021 and 2022 and were expected to increase in 2023. According to Kaspersky Security Network, in Q3 of 2023 alone, a total of 8,346,169 mobile malware, adware and riskware attacks were blocked, with adware being the most common tactic at 52% of total detected threats.

The risks are even more serious for business owners. Does your organization have a mobile policy for employees? Are employees accessing sensitive work documents or accounts using unprotected devices? If you’re not sure, you need your IT department to look into this immediately. It only takes one entry point for a hacker to break into your network.

There are a few ways to protect your devices now. Both Apple and Android have developed powerful security systems with advanced protective features you can start utilizing today.

Apple:

End-to-end encryption has been the default for Apple iMessage, iCloud Keychain, and Health data, but with a recent update, Apple rolled out Advanced Data Protection (ADP). This feature is an optional setting that offers Apple’s highest level of cloud data security by encrypting messages in iCloud, iCloud Backup, Notes, Photos, Safari bookmarks, Siri Shortcuts and more.

Activating this setting protects your data in the event of a cloud-based data breach by only allowing trusted devices added by you to decrypt the information. Not even Apple can access your data.

Here’s how to enable Apple’s Advanced Data Protection Setting:

1.    Make sure devices signed in with your Apple ID have been updated to at least iOS 16.2, iPadOS 16.2, macOS 13.1, tvOS 16.2, watchOS 9.2 or later.

2.    Open the Settings app on your iPhone.

3.    Tap your name at the top.

4.    Select iCloud, scroll to the bottom, and tap Advanced Data Protection.

5.    Tap Turn On Advanced Data Protection.

NOTE: If you don’t have a recovery contact or key set up, you’ll be prompted to do that first.

6.    Once a recovery contact/key is set up, return to Settings > iCloud > Advanced Data Protection and tap Turn On Advanced Data Protection.

7.    Follow the prompts.

NOTE: You may be asked to update other devices signed into your iCloud account before enabling end-to-end encryption (E2E).

You can also remove devices with old software to continue the process.

If your device is new, for security reasons, Apple might make you wait to enable the feature. If that’s the case, that timeframe will show on your screen during setup.

Android:

While Apple is known for having a robust security system that reduces vulnerabilities and protects users’ data, Android’s security features are not far behind. Google Play Protect analyzes every app before it’s available for download, and any new apps where a security risk is detected are unable to be accessed. The software also runs daily scans to help identify and disable malware and other harmful applications installed on your phone to protect your data.

Furthermore, Android backups are regularly uploaded to Google servers and encrypted with your Google Account password for security purposes.

How to keep data secure if you’re using an Android:

If you’re using Google One, you can set up automatic backups on your Android device to ensure that if disaster strikes, your data is securely stored in the cloud:

1.    Open the Google One app on your Android.

2.    At the bottom, tap Storage.

3.    Scroll to “Backup” and tap View.

o    If this is your first phone backup, tap Set up data backup.

o    If this isn’t your first phone backup, tap View Details.

4.    To review backup settings, tap Manage backup.

5.    Choose your backup settings.

NOTE: If you get a message to install an app, update an app or change your settings, follow the onscreen steps. Then, go back to the Google One app to finish.

6.    If asked, tap Allow Permissions.

7.    At the top left, tap Back.

NOTE: Google One backups may take up to 24 hours to complete.

 

How To Protect All Of Your Devices:

These features are not the end-all, be-all for phone security, but they will add a layer of protection for your data. To ensure every device on your network is secure, we recommend getting a third-party Cybersecurity Risk Assessment. This is a free, no-obligation assessment where one of our experts will examine your network and let you know if and where you’re vulnerable to an attack, including your mobile device policy.

Schedule your assessment with one of our senior advisors by calling us at 216-800-7888 or going to  https://techspert-data.com/initial-consultation-success/

 

5 New Cybersecurity Threats You Need To Be Very Prepared For This Year

5 New Cybersecurity Threats You Need To Be Very Prepared For This Year

by | Feb 6, 2024 | Newsletter

The year of 2023 marked a significant turning point for cyber-attacks with the introduction and wide proliferation of AI (artificial intelligence), now in the hands of people who wish to do you harm and who are actively using it to find faster and easier ways to rob you, extort you or simply burn your business to the ground.

As I write this, I’m well aware there’s a tendency to shrug and just accept the “we’re all gonna get hacked anyway” mantra to avoid having to deal with it. Further, like overhyped weather reports, it’s also tempting to just ignore the warning signs, thinking all of this is just fearmongering rhetoric designed to sell stuff.

However, it truly is becoming a situation where the question is no longer IF your organization will be hacked, but WHEN. The Hiscox Cyber Readiness report recently revealed that 53% of all businesses suffered at least ONE cyber-attack over the last 12 months with 21% stating the attack was enough to threaten the viability of their business.

This year is going to be a particularly nasty one, given the U.S. presidential election along with the ongoing wars between Russia and Ukraine and Israel and Hamas. Tensions are high and hacking groups are often motivated by revenge as well as money.

Now, here are the 5 biggest developments in cyber threats you need to know about.

1. The Proliferation Of AI Powered Attacks:

If cybersecurity is a chess game, AI is the Queen, giving the person in possession the most powerful advantage for whomever plays it best. All cyber-related reports expect to see highly sophisticated deepfake social engineering attacks on the rise designed to separate you from your money.

We’ve already seen scams using AI-generated voices of family members, calling relatives to claim they’ve been injured, kidnapped or worse, to extort money. This is also being used to hack into companies by getting employees to provide login information to people they think are their IT department or boss.

This is where employee awareness training comes in, as well as controls such as MFA (multi-factor authentication), come into play. One of the things we do here at Techspert Data Services is phishing monitoring to ensure limited bot interference.

 

2. Increased Risk Of Remote Workers:

The expansion of remote work is a trend that is not going away; and with that comes an exponentially greater risk for cyber threats. From laptops being carried around and connected to suspicious Wi-Fi to mobile phones providing a “key” to logging into critical applications (like your bank account, Microsoft 365, line-of-business and credit card applications), these devices pose a high risk for being easily lost or stolen. Further, when people use their own devices or work remote, they tend to mix business and personal activities on the same device.

That employee who frequents gambling or porn sites may be using the same device used to login to company e-mail or critical applications. Even logging into personal social media sites that get hacked can provide a gateway for a hacker to get to YOUR company’s information through a user’s (employee’s) personal accounts.

3. Escalation Of Ransomware Attacks:

There are an estimated 1.7 million ransomware attacks every day, which means every second 19 people are hacked worldwide. If you’ve been lucky enough to avoid this, know that someone else is getting hacked on a very frequent basis, and you are very likely to be hit.

 

Last year, ransomware attacks increased by 37% with the average ransom payment exceeding $100,000, with an average demand of $5.3 million.

Fortunately, not all ransom attacks are successful. Businesses are getting much smarter about cyber protections and have been able to put in place protections that prevent hackers from successfully extorting their victims. One of the ways we protect our clients from ransomware is by employing cutting-edge technologies and advanced monitoring systems to detect and respond to cyber threats in real-time. Our proactive approach ensures that potential issues are identified and addressed before they can cause harm to your business

 

4. IoT Attacks:

IoT, or “Internet of Things,” is a term to describe the proliferation of Internet-connected devices. Today, even kitchen appliances, like a refrigerator, can be connected to the Internet to tell you when it’s time to change the water filter to alerting you if there’s a power outage.

This means hackers have a FAR greater number of access points into your world. If there are 100+ more doors to walk through in a house, you have a much greater security risk than if there are only five. That’s why IoT attacks present such a problem for us, and a huge opportunity for the hackers.

While many people know they should lock their PC, they might not be as meticulous in locking down their fridge or their dog’s tracking collar, but those could all provide access to you, your devices, e-mail, credit card and personal information.

5. Cyber Protection Legal Requirements:

To try and combat the out-of-control tsunami of cybercrime, the government is initiating more comprehensive federal and state laws requiring business owners to have in place “reasonable security” protections for their employees and clients.

The FTC (Federal Trade Commission) has been the most active in this space, bringing numerous actions against companies it alleges failed to implement reasonable security measures, issuing monetary penalties.

Of course, all 50 states plus Washington D.C. have passed laws imposing security requirements as well as data breach notification laws that require businesses to notify anyone whose data and PII (personally identifiable information) has been stolen or accessed by hackers via the company. For example, in California, under the California Privacy Rights Act (CCPA), a business could face a penalty of $100 to $750 per consumer and per incident if that company gets hacked and the court determines they failed to put in place reasonable security procedures.

That also means compliance is equally prominent to make sure your business is following the right processes and laws.

Not Sure If You’re As Protected And Prepared As You Should Be?

To make sure you’re properly protected, get a FREE, no-obligation Cybersecurity Risk Assessment. During this assessment, we’ll review your entire system so you know exactly if and where you’re vulnerable to an attack.

Schedule your assessment with one of our senior advisors by calling us at 216-800-7888 or going to https://techspert-data.com/initial-consultation-success/